An authority may adopt bylaws and rules of procedure and shall adopt an official seal.
An authority shall elect a president, a vice-president, a treasurer, a secretary, and an assistant treasurer. The authority shall elect the president, treasurer, and secretary annually. A commissioner must not serve as president and vice-president at the same time. The other offices may be held by the same commissioner. The offices of secretary and assistant treasurer need not be held by a commissioner.
The officers have the usual duties and powers of their offices. They may be given other duties and powers by the authority.
(1) shall receive and is responsible for authority money;
(2) is responsible for the acts of the assistant treasurer;
(3) shall disburse authority money by check only;
(4) shall keep an account of the source of all receipts, and the nature, purpose, and authority of all disbursements; and
(5) shall file the authority's detailed financial statement with its secretary at least once a year at times set by the authority.
The assistant treasurer has the powers and duties of the treasurer if the treasurer is absent or disabled.
The treasurer shall give bond to the state conditioned for the faithful discharge of official duties. The bond must be approved as to form and surety by the authority and filed with the secretary. The bond must be for twice the amount of money likely to be on hand at any one time, as determined at least annually by the authority provided that the bond must not exceed $300,000.
Authority money is public money.
An authority check must be signed by the treasurer and one other officer named by the authority in a resolution. The check must state the name of the payee and the nature of the claim that the check is issued for.
The authority's detailed financial statement must show all receipts and disbursements, their nature, the money on hand, the purposes to which the money on hand is to be applied, the authority's credits and assets, and its outstanding liabilities in a form required for the city's financial statements. The authority shall examine the statement together with the treasurer's vouchers. If the authority finds that the statement and vouchers are correct, it shall approve them by resolution and enter the resolution in its records.